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Qabil Ashirov

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More than AZN272m ($160m) worth of products has been produced in the yarn manufacturing enterprises of the Mingachevir Industrial Park specializing in the textile industry, Azernews reports, citing the Economic Zones Development Agency (EZDA).

It was reported that AZN234m ($138m), i.e. 86 percent, of the product was exported.

"Thus, if more than AZN57m ($33,5m) were produced in the Industrial Park in 2022, then more than AZN58m ($58 m) were produced in 2023. In addition to being sold to the domestic market, the manufactured products are sold to Turkiye, Ukraine, Russia, Portugal, Poland, Pakistan, etc. under the brand name "Made in Azerbaijan." German, Swiss, Japanese and Turkish technologies are used in the production process. Modern technology ensures that the product is of high quality and increases the possibility of export. So far, 159 million manats have been invested in Mingachevir Industrial Park, and more than 500 permanent jobs have been created. In the Mingachevir Industrial Park, as in other existing industrial parks in the country, favorable conditions for the development of entrepreneurship have been created, and stimulating measures are applied for investors," the information states.

Basically, support to entrepreneurs by the Economic Zones Development Agency is carried out in 3 directions. Provision of organizational support (implementation of the "One Window" system; acquisition of technical conditions, special permits and licenses; consulting and training services; organization of meetings with local authorities and businessmen), infrastructure support (residents of industrial parks with ready-made infrastructure at the expense of state funds - are provided with gas, electricity, water, sewerage, internal roads and railways, fiber optic lines), application of tax and customs benefits (residents of industrial parks are exempt from property tax, land tax, income or profit tax for 10 years from the date of their registration, they are exempted from VAT and customs duties during the importation of machinery, technological equipment and facilities they import for production purposes) support.

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